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Online Casinos & Gambling Guide

Payment Advantages For Online Casino Sites

Added: Jan. 11, 2016

Perhaps you may noticed there is what looks to be a growing trend with quite a few of the top online casino sites out there. This trend is all about the proactive approach to embracing new payment technologies. If you take a look at this from the point of view of the online casino operator this is quite easy to understand.

Begin with a quick recap of existing online casino payment technology. The most familiar forms of payment methods used by the majority of online gambling sites out there are the traditional, some would say legacy payment methodologies such as bank transfers, major credit card transfers. At the same time, newer payment technologies such as PayPal are becoming increasingly popular with online casino players from all over the world.

That being said, it is important to understand that these legacy payment methods present some very real drawbacks to the online casino operator. For example, all of the traditional payment methods mentioned above are in fact subject to local rules and regulations. As if that in itself was enough of a challenge, another fact that online casino operators must contend with is the accompanying fees applied to each and every transaction. It goes without saying that paying up to 3.5% per credit card transaction can add up over time.

But it is not just the credit card fees. There are fees imposed on those bank transfers. Even the newer payment technology offered by PayPal takes a percentage of each and every transaction. As you can plainly see, there is quite a number of reasons that online casino operators are actively seeking newer and less costly payment schemes.

One such payment methodology that is only just starting to become more widely accepted is that of the so called digital currency payments. Naturally you are aware of the most popular of these virtual currencies that is called Bitcoin.

Bitcoin is unique amongst all of the currently available payment methods. For one thing, the transaction fees are lower, usually significantly lower. Moreover, unlike bank transfers or even credit card transactions which can take a couple of days to complete, a Bitcoin transaction is completed in minutes. For the record, PayPal transactions are also completed in minutes but PayPal suffers from the indisuputable fact that PayPal has the highest fraud and chargeback rates.

In other words, all signs point to Bitcoin as the c that the online casino has long been searching for. Don’t be surprised to see an increasing number of online casino sites out there begin to accept Bitcoin. After all, it is in their best interest.